What Has Been the Progress and Growth of the Vertical Market Software Market in Recent Years?
The vertical market software market has seen considerable growth due to a variety of factors.
• The vertical market software market has experienced rapid growth in recent years. It will rise from $152.61 billion in 2024 to $176.23 billion in 2025, at a CAGR of 15.5%.
This growth is due to industry-specific needs, rising regulatory requirements, the growth of enterprise resource planning (ERP) systems, and the adoption of cloud computing technology.
How Does the Forecast Look for the Vertical Market Software Market?
The vertical market software market is expected to maintain its strong growth trajectory in upcoming years.
• The vertical market software sector is expected to experience significant growth, reaching $309.17 billion by 2029, with a CAGR of 15.1%.
This expansion is primarily driven by factors such as digital transformation, Industry 4.0, remote work and collaboration, evolving regulations, industry-specific challenges, sustainability concerns, and the rise of emerging industries. Key trends in the forecast period include the integration of AI and machine learning, IoT-driven solutions, blockchain applications, edge computing, cybersecurity advancements, augmented reality (AR) and virtual reality (VR), as well as personalized and customized solutions.
What Are The Leading Drivers Of Growth In The Vertical Market Software Market?
The vertical market software market is predicted to experience growth due to escalating digitalization. Digitalization refers to the use of digital technologies for transforming various processes, activities or assets to a digitized format. It contributes to systematization of processes, enhancing efficiency, increasing accessibility and opening avenues for the innovation and growth in different industries. Digitalization augments vertical market software by facilitating smooth processes, better data analytics and improved client engagement to cater specific industry demands efficiently. For instance, a report by the European Investment Bank, a European Union’s long-term finance institution based in Luxembourg, disclosed that in 2022, there was a 9% rise from 2021, with 42% of firms across Europe investing more in digitalization. On the other hand, half of the firms in the United States, equivalent to 50%, sought incremental investment in digitalization within the same time frame. Hence, the surge in digitalization is fueling the growth of vertical market software market.
How Are The Segments Defined Within The Global Vertical Market Software Market?
The vertical market software market covered in this report is segmented –
1) By Software Type: Banking Software, Education Software, Legal Software, Agriculture Software, Alumni Management Software, Amusement Park Software, Apparel Software, Architecture Software, Other Software Types
2) By Deployment: Cloud-Based, On-Premise
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Manufacturing, Retail, Healthcare, Information Technology (IT) And Telecommunication, Other Industry Verticals
Subsegments:
1) By Banking Software: Core Banking Software, Mobile Banking Software, Loan Management Software, Payment Processing Software, Risk Management Software, Fraud Detection Software, Trading And Investment Software
2) By Education Software: Learning Management Systems (LMS), Student Information Systems (SIS), Virtual Classroom Software, Exam Management Software, E-learning Content Software, School Administration Software
3) By Legal Software: Case Management Software, Document Management Software, Legal Research Software, Billing And Invoicing Software, Time Tracking Software, Contract Management Software
4) By Agriculture Software: Farm Management Software, Crop Management Software, Livestock Management Software, Agricultural Supply Chain Management Software, Precision Farming Software, Irrigation Management Software
5) By Alumni Management Software: Alumni Database Management Software, Event Management Software, Fundraising And Donation Software, Alumni Engagement Platforms, Networking Software
6) By Amusement Park Software: Ticketing And Reservation Software, Visitor Management Software, Ride Management Software, Queue Management Software, Park Operations Software
7) By Apparel Software: Fashion Design Software, Apparel Manufacturing Software, Inventory Management Software, Supply Chain Management Software, Retail POS Software
8) By Architecture Software: Computer-Aided Design (CAD) Software, Building Information Modeling (BIM) Software, 3D Modeling Software, Project Management Software, Structural Analysis Software
9) By Other Software Types: Healthcare Software, Real Estate Software, Automotive Software, Energy And Utilities Software, Hospitality Management Software, Retail Management Software, Hr Management Software
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What New Trends Are Influencing The Vertical Market Software Market?
Leading enterprises in the vertical market software market are shifting their focus towards the creation of contract intelligence solutions to augment their service capabilities and boost revenue. Contract intelligence solutions are software programs or structures that apply advanced technological tools like artificial intelligence (AI), natural language processing (NLP), and machine learning (ML) to decipher, examine, and derive critical insights from varying contract styles. In October 2022, for example, Icertis, an American software enterprise, unveiled the Icertis Contract Intelligence (ICI) solution, specifically formulated for the banking and financial services industry. This custom-made solution aims at enhancing contract lifecycle management (CLM) for companies in this industry. It provides ready-to-use features designed to tackle the unique complexities of these institutions, such as risk management, improved regulatory compliance, and promoting business speed. The solution targets supporting banking and financial services organizations boost their business speed while managing risks and enhancing compliance with regulations in areas like AML, ISDA credit support, and credit risk reviews.
Who Are the Key Players In The Vertical Market Software Market?
Major companies operating in the vertical market software market are:
• McKesson Corporation
• Microsoft Corporation
• Siemens AG
• Accenture plc
• International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• SAP SE
• Salesforce Inc.
• Adobe Inc.
• Intuit Inc.
• ServiceNow Inc.
• Constellation Software
• Dassault Systèmes SE
• Workday Inc.
• Autodesk Inc.
• Paychex Inc.
• Epic Systems Corporation
• Sage Group plc
• Verisk Analytics Inc.
• Veeva Systems Inc.
• Tyler Technologies Inc
What Is The Most Dominant Region In The Vertical Market Software Market?
North America was the largest region in the vertical market software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vertical market software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
